Post by
Sanguinity on Jan 19, 2024 9:16pm
Most cobalt producers losing money after 2023 price slump
https://www.mining.com/web/most-cobalt-producers-loss-making-after-2023-price-slump-erg/
Most cobalt producers are likely to be losing money on every ton of cobalt they produce after a price slump last year, Benedikt Sobotka, chief executive at metals miner Eurasian Resources Group (ERG), said on Tuesday.
Chinese-owned companies are aggressively expanding cobalt mining in Congo and Indonesia despite the price drop, as they strive to gain market share in the metal used in electric vehicle (EV) batteries.
“Cobalt had a terrible year in 2023. The lack of supplier discipline in adding new capacity has really pulled the rug under the cobalt market,” Sobotka told Reuters‘ Global Markets Forum at the World Economic Forum in Davos.
We have to believe that our beloved Sherritt has better than a snowball's chance in hell of going up against China to be investing now.
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